Loan-To-Value Ratio

Loan-To-Value Ratio. A percentage, calculated by taking a fraction, the numerator of which is the outstanding principal balance of the Loan and the denominator of which is the value of all of applicable Release Parcels (not yet released) and the Remaining Property based on current appraisals thereof and (ii) any Net Sales Proceeds delivered to Lender in connection with a Partial Release (as defined in the Deed of Trust), multiplied by one hundred (100) percent